Purchasing a home is stressful for a lot of people, but it isn't that hard with a bit of up-front planning. So you understand exactly what to expect, I like to give my buyers an outline of the whole deal. These are my nine steps to buying a home.
If you have any questions regarding this information or if you're ready to get started, simply contact me here or send e-mail to firstname.lastname@example.org.
Step 1 – Get ready to buy
Before you commence your home search, there are a lot of things you need to do. You'll want to create an index of features you want, plan for what school districts you'd like to live in, and begin working on your budget. Ensuring your mortgage payment is less than or around 30 percent of your monthly income is a good principle to go by.
Step 2 – Speak with a real estate agent
This is where I can help. I'd love to set up a time to get together with you and speak with you about why you want to buy a home and get an idea of your upcoming plans. We'll talk about everything from neighborhoods, school districts in the Oklahoma City area, the mortgage and housing industries, to any other economic factors that may potentially affect your buying decision today or in the future.
I can also assist you with getting started on your loan. There are some excellent mortgage professionals in Oklahoma City, and I partner with a lot of them, so you can rest assured that you're in great hands. They'll help you choose which kind of loan is best for you, as well as help you get approved.
Step 3 – Start house hunting
After we meet, I'll begin finding available houses on the market that are good for you. I'll get a sneak peek of most of the homes and exclude the duds, and then we'll book appointments to view the houses whenever it's convenient for you.
When we view the homes, I'll point out good features, as well as negative ones. And I'll ask you to tell me about things you like and dislike. As a rule, buyers amend their list of must-haves as we view houses and some things become more important than others. If that happens, I'll look through all the listings again and narrow it down to the house you've been dreaming about.
Step 4 – Understand the market
Your agent's knowledge of the Oklahoma City housing market is a crucial aspect in your home search. And I assure you I'm mindful of all the schools and neighborhoods, and I'll let you know certain areas are "hot" and demand immediate action and the rest that are "cool" and allow for careful consideration.
When we tour houses, I'll let you know when the seller's list price has room for negotiation and also when I trust the house is "priced to sell." When working with an agent, be mindful and make sure you ask lots of questions. Every real estate agent in Oklahoma City will tell you they understand the housing market. If it appears they don't know everything, just call me at 405-919-1098 or e-mail me at email@example.com, and I'll be glad to answer any questions you may have. My market knowledge will help you stay a step ahead through the entire deal.
Step 5 – Find the home of your dreams
I'm certain we'll find the home of your dreams in Oklahoma City, and when that happens, I'll carefully develop your purchase offer. The offer will be made keeping your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When submitting your offer, most likely you'll want to submit "earnest money." This is a cash deposit given to a home seller to secure the offer to buy the property. The amount is usually applied to the closing costs. If your offer is accepted, we should close on the home within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Most deals aren't closed on the beginning offer – it's widely common to receive a counter offer. Don't let this alarm you. We'll consider whether or not to accept the counter offer, present our own counter offer, or reject the seller's offer and go on.
The state of the market will play a part in how aggressively we negotiate the deal. In addition, we'll work within your financing budget. And when it's all said and done, we'll compose a deal that's best for you.
Step 7 – Get a loan
Upon finalizing the contract, you'll begin working with your mortgage lender to close the loan. If you've been pre-approved, it shouldn't be a long process at all, but you need to stay in close contact with your mortgage lender. And I'll deal with all the property information your mortgage lender will need to close the loan.>
You'll get a Good Faith Estimate (GFE) outlining closing costs from your lender within three days of accepting your loan application. The estimate rests on the loan amount. RESPA requirements order that it has to contain all closing costs and fall within a tight range of accuracy, and I'll examine the estimate and let you know if everything looks all right.
Then we'll close on your house. This should happen at a title company or escrow office and will most often be a smooth and relaxed affair.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you need anything, just contact me at 405-919-1098 or send me an e-mail.
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